The Latest From the BLS Employment Report: 287,000 Jobs Added in June
After a disappointing jobs numbers showing last month, private-sector employment picked up significantly in June — suggesting the weak May nonfarm-payroll report may have been an anomaly.
The Bureau of Labor Statistics’ jobs report showed that 287,000 private-sector jobs were added in June, above economists expectations for a gain of 150,000 jobs.
Economists predicted 150,000+ job additions ahead of this morning’s jobs report and the report exceeded expectations. Over 287,000 jobs were added this month which is well above last month’s 11,000 (adjusted from 38,000).
While the pickup in private-sector employment in June suggests that last month’s very weak numbers might have been an outlier and that the economy is a little sturdier than some feared, there is still strong indications that the U.S. Federal Reserve (Fed) won’t raise interest rates again until the end of the year and possibly into 2017.
The Fed expressed concerns about the labor market during its June 14-15 policy meeting. “Almost all participants judged that the surprisingly weak May employment report increased their uncertainty about the outlook for the labor market,” according to the meeting minutes. The Fed is said to be heavily considering today’s jobs report numbers when making their interest rate decision.
Let’s break down the national numbers from this month’s jobs report:
- $25.61 June
- $25.59 May
- + 2 cents month-over-month
- +2.6% year-over-year
- 4.9% June
- 4.7% May
- +0.2% month-over-month
- -0.4% year-over-year
In June, hourly wages rose $0.2 to $25.61 per hour, bringing the year-over-year wage percentage increase to 2.6%. The unemployment rate increased month-over-month and now sits at 4.9%. What does this mean for the accounting and finance industry? Our in-depth analysis is below:
In-Depth Look: Accounting and Finance Jobs
Let’s take a look at how the Accounting and Finance industry is performing. Overall, industry subsectors saw job additions month-over-month. Here are some of the highlights:
- Financial activities:
- Month-over-month change: +16,000
- Year-over-year change: +163,000
- Finance and Insurance:
- Month-over-month change: +9,000
- Year-over-year change: +110,500
- Accounting and bookkeeping services:
- Month-over-month change: +300 jobs
- Year-over-year change: +37,300
The unemployment rate for financial services increased slightly and now sits at 2.2% (+0.4% month-over-month). This means, for businesses looking to bring on finance professionals, the market remains extremely competitive. The dip in the unemployment rate is promising news for accounting and finance job seekers, but for employers it might mean hiring top talent is more competitive than ever. To see the most in-demand jobs in the finance and accounting sector, check out our Top Jobs Infographic.